October 25, 2021 - EX-99.2 - 8-K: Current report filing


RenaissanceRe Holdings Ltd.
Contents


		Page

Basis of Presentation		i

Financial Highlights		1

Summary Consolidated Financial Statements
a.	Consolidated Statements of Operations	2
b.	Consolidated Balance Sheets	3

Underwriting and Reserves
a.	Consolidated Segment Underwriting Results	5
b.	Segment Underwriting Results	6
c.	Property Segment - Catastrophe and Other Property Underwriting Results	7
d.	Gross Premiums Written	8
e.	Reserves for Claims and Claim Expenses	9
f.	Paid to Incurred Analysis	10

Managed Joint Ventures and Fee Income
a.	Fee Income	11
b.	Noncontrolling Interests	12
c.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	13

Investments
a.	Total Investment Result	14
b.	Investment Portfolio - Composition	15
c.	Investment Portfolio - Fixed Maturity Investments	16
d.	Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating	17
e.	Retained Investment Information	18

Other Items
a.	Earnings per Share	19

Comments on Regulation G		20


RenaissanceRe Holdings Ltd.
Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating (loss) income (attributable) available to RenaissanceRe common shareholders,” “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 20 through 24 for "Comments on Regulation G."

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and prospectus supplement dated July 7, 2021.

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.


			i



Financial Highlights

	Three months ended															Nine months ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			September 30, 2021			September 30, 2020
Highlights
Gross premiums written	$	1,774,180		$	2,094,158		$	2,652,442		$	935,514		$	1,143,058		$	6,520,780		$	4,870,651





Underwriting (loss) income	$	(678,825)		$	328,976		$	(35,760)		$	(151,655)		$	(206,072)		$	(385,609)		$	75,144

Net investment income	$	78,267		$	80,925		$	79,804		$	81,717		$	83,543		$	238,996		$	272,321
Net realized and unrealized (losses) gains on investments	(42,071)			191,018			(345,563)			258,745			224,208			(196,616)			561,891


Total investment result	$	36,196		$	271,943		$	(265,759)		$	340,462		$	307,751		$	42,380		$	834,212

Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	47,799		$	(284,338)		$	541,670
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1)	$	(414,538)		$	278,050		$	4,395		$	(77,122)		$	(131,724)		$	(132,093)		$	91,762






Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(9.75)		$	9.36		$	(5.87)		$	3.75		$	0.94		$	(5.94)		$	11.60
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	0.94		$	(5.94)		$	11.58
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	(2.77)		$	1.84

Book value per common share	$	128.91		$	139.35		$	131.15		$	138.46		$	135.13		$	128.91		$	135.13
Tangible book value per common share (1)	$	123.24		$	133.75		$	125.73		$	133.09		$	129.60		$	123.24		$	129.60
Tangible book value per common share plus accumulated dividends (1)	$	146.40		$	156.55		$	148.17		$	155.17		$	151.33		$	146.40		$	151.33
Change in tangible book value per common share plus change in accumulated dividends (1)	(7.6)		%	6.7		%	(5.3)		%	3.0		%	1.0		%	(6.6)		%	14.6		%

Financial ratios




Combined ratio	145.1		%	72.4		%	103.1		%	114.7		%	120.6		%	110.0		%	97.4		%
Return on average common equity - annualized	(28.4)		%	27.6		%	(17.1)		%	10.9		%	2.8		%	(5.8)		%	12.0		%
Operating return on average common equity - annualized (1)	(26.1)		%	16.8		%	0.3		%	(4.4)		%	(7.7)		%	(2.7)		%	2.0		%
Total investment return - annualized	0.7		%	5.2		%	(4.9)		%	6.6		%	6.2		%	0.3		%	5.8		%

(1) See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.


			1



Summary Consolidated Financial Statements
Consolidated Statements of Operations

	Three months ended															Nine months ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			September 30, 2021			September 30, 2020
Revenues
Gross premiums written	$	1,774,180		$	2,094,158		$	2,652,442		$	935,514		$	1,143,058		$	6,520,780		$	4,870,651
Net premiums written	$	1,486,440		$	1,512,292		$	1,824,083		$	746,311		$	899,411		$	4,822,815		$	3,350,022
Decrease (increase) in unearned premiums	19,825			(319,502)			(670,247)			282,774			100,772			(969,924)			(426,645)
Net premiums earned	1,506,265			1,192,790			1,153,836			1,029,085			1,000,183			3,852,891			2,923,377
Net investment income	78,267			80,925			79,804			81,717			83,543			238,996			272,321
Net foreign exchange (losses) gains	(4,755)			3,234			(22,788)			23,270			17,426			(24,309)			4,503
Equity in earnings (losses) of other ventures	5,305			8,732			(5,558)			(1,868)			5,457			8,479			19,062
Other income (loss)	1,692			586			2,171			4,374			1,476			4,449			(4,161)
Net realized and unrealized (losses) gains on investments	(42,071)			191,018			(345,563)			258,745			224,208			(196,616)			561,891



Total revenues	1,544,703			1,477,285			861,902			1,395,323			1,332,293			3,883,890			3,776,993
Expenses
Net claims and claim expenses incurred	1,798,045			520,021			867,051			901,353			942,030			3,185,117			2,023,256
Acquisition expenses	328,048			285,590			267,234			238,283			215,180			880,872			659,394
Operational expenses	58,997			58,203			55,311			41,104			49,045			172,511			165,583
Corporate expenses	10,196			10,125			10,405			21,031			48,050			30,726			75,939
Interest expense	11,919			11,833			11,912			11,841			11,843			35,664			38,612
Total expenses	2,207,205			885,772			1,211,913			1,213,612			1,266,148			4,304,890			2,962,784
(Loss) income before taxes	(662,502)			591,513			(350,011)			181,711			66,145			(421,000)			814,209
Income tax benefit (expense)	23,630			(13,862)			19,516			9,923			8,244			29,284			(12,785)


Net (loss) income	(638,872)			577,651			(330,495)			191,634			74,389			(391,716)			801,424
Net loss (income) attributable to redeemable noncontrolling interests	198,495			(113,544)			46,850			5,467			(19,301)			131,801			(236,120)
Net (loss) income attributable to RenaissanceRe	(440,377)			464,107			(283,645)			197,101			55,088			(259,915)			565,304
Dividends on preference shares	(9,845)			(7,289)			(7,289)			(7,289)			(7,289)			(24,423)			(23,634)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	47,799		$	(284,338)		$	541,670



Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(9.75)		$	9.36		$	(5.87)		$	3.75		$	0.94		$	(5.94)		$	11.60


Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	0.94		$	(5.94)		$	11.58
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)	$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	(2.77)		$	1.84

Return on average common equity - annualized	(28.4)		%	27.6		%	(17.1)		%	10.9		%	2.8		%	(5.8)		%	12.0		%
Operating return on average common equity - annualized (1)	(26.1)		%	16.8		%	0.3		%	(4.4)		%	(7.7)		%	(2.7)		%	2.0		%


			2



Summary Consolidated Financial Statements
Consolidated Balance Sheets

	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Assets
Fixed maturity investments trading, at fair value	$	13,839,248	$	13,418,389	$	13,309,234	$	13,506,503	$	13,391,318


Short term investments, at fair value	4,667,273		4,392,652		5,091,143		4,993,735		5,158,961
Equity investments trading, at fair value	527,839		577,090		503,137		702,617		547,381
Other investments, at fair value	1,738,737		1,585,036		1,379,056		1,256,948		1,122,683
Investments in other ventures, under equity method	93,344		91,938		91,362		98,373		98,990
Total investments	20,866,441		20,065,105		20,373,932		20,558,176		20,319,333
Cash and cash equivalents	1,440,734		1,789,756		1,286,661		1,736,813		1,287,378
Premiums receivable	4,141,899		4,481,492		3,928,122		2,894,631		3,337,120
Prepaid reinsurance premiums	1,137,556		1,361,041		1,229,716		823,582		1,082,270
Reinsurance recoverable	4,192,758		3,187,638		3,160,667		2,926,010		2,883,808
Accrued investment income	55,620		56,804		62,573		66,743		71,947
Deferred acquisition costs and value of business acquired	893,265		883,926		786,941		633,521		697,346
Receivable for investments sold	322,553		457,458		841,156		568,293		752,936
Other assets	240,491		196,959		318,249		363,170		306,265
Goodwill and other intangibles	245,015		246,576		248,080		249,641		257,437

Total assets	$	33,536,332	$	32,726,755	$	32,236,097	$	30,820,580	$	30,995,840
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	13,233,244	$	10,944,742	$	10,953,383	$	10,381,138	$	9,900,615
Unearned premiums	4,039,546		4,284,260		3,833,155		2,763,599		3,276,156
Debt	1,137,829		1,137,304		1,136,783		1,136,265		1,135,740
Reinsurance balances payable	3,964,137		4,489,841		4,254,645		3,488,352		3,915,804
Payable for investments purchased	718,099		795,185		1,133,787		1,132,538		1,597,893
Other liabilities	235,665		201,398		436,437		970,121		391,494

Total liabilities	23,328,520		21,852,730		21,748,190		19,872,013		20,217,702
Redeemable noncontrolling interests	3,458,298		3,656,419		3,409,570		3,388,319		3,387,317
Shareholders' Equity
Preference shares	750,000		525,000		525,000		525,000		525,000
Common shares	46,540		48,026		49,970		50,811		50,810
Additional paid-in capital	927,862		1,153,881		1,450,627		1,623,206		1,615,328
Accumulated other comprehensive loss	(12,709)		(14,061)		(12,382)		(12,642)		(2,083)
Retained earnings	5,037,821		5,504,760		5,065,122		5,373,873		5,201,766
Total shareholders' equity attributable to RenaissanceRe	6,749,514		7,217,606		7,078,337		7,560,248		7,390,821


Total liabilities, noncontrolling interests and shareholders' equity	$	33,536,332	$	32,726,755	$	32,236,097	$	30,820,580	$	30,995,840

Book value per common share	$	128.91	$	139.35	$	131.15	$	138.46	$	135.13


			3



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Three months ended September 30, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	773,692		$	1,000,488		$	1,774,180
Net premiums written	$	681,095		$	805,345		$	1,486,440
Net premiums earned	$	816,376		$	689,889		$	1,506,265
Net claims and claim expenses incurred	1,323,678			474,367			1,798,045
Acquisition expenses	134,179			193,869			328,048
Operational expenses	40,448			18,549			58,997
Underwriting (loss) income	$	(681,929)		$	3,104		$	(678,825)

Net claims and claim expenses incurred - current accident year	$	1,469,613		$	476,082		$	1,945,695
Net claims and claim expenses incurred - prior accident years	(145,935)			(1,715)			(147,650)
Net claims and claim expenses incurred - total	$	1,323,678		$	474,367		$	1,798,045

Net claims and claim expense ratio - current accident year	180.0		%	69.0		%	129.2		%
Net claims and claim expense ratio - prior accident years	(17.9)		%	(0.2)		%	(9.8)		%
Net claims and claim expense ratio - calendar year	162.1		%	68.8		%	119.4		%
Underwriting expense ratio	21.4		%	30.8		%	25.7		%
Combined ratio	183.5		%	99.6		%	145.1		%

	Three months ended September 30, 2020
	Property			Casualty and Specialty			Total
Gross premiums written	$	427,765		$	715,293		$	1,143,058
Net premiums written	$	378,708		$	520,703		$	899,411
Net premiums earned	$	516,623		$	483,560		$	1,000,183
Net claims and claim expenses incurred	590,978			351,052			942,030
Acquisition expenses	98,545			116,636			215,180
Operational expenses	33,725			15,319			49,045
Underwriting (loss) income	$	(206,625)		$	553		$	(206,072)

Net claims and claim expenses incurred - current accident year	$	629,827		$	366,080		$	995,907
Net claims and claim expenses incurred - prior accident years	(38,849)			(15,028)			(53,877)
Net claims and claim expenses incurred - total	$	590,978		$	351,052		$	942,030

Net claims and claim expense ratio - current accident year	121.9		%	75.7		%	99.6		%
Net claims and claim expense ratio - prior accident years	(7.5)		%	(3.1)		%	(5.4)		%
Net claims and claim expense ratio - calendar year	114.4		%	72.6		%	94.2		%
Underwriting expense ratio	25.6		%	27.3		%	26.4		%
Combined ratio	140.0		%	99.9		%	120.6		%


			4



Underwriting and Reserves
Consolidated Segment Underwriting Results

	Nine months ended September 30, 2021
	Property			Casualty and Specialty			Total
Gross premiums written	$	3,574,067		$	2,946,713		$	6,520,780
Net premiums written	$	2,492,890		$	2,329,925		$	4,822,815
Net premiums earned	$	1,981,939		$	1,870,952		$	3,852,891
Net claims and claim expenses incurred	1,919,660			1,265,457			3,185,117
Acquisition expenses	356,171			524,701			880,872
Operational expenses	114,710			57,801			172,511
Underwriting (loss) income	$	(408,602)		$	22,993		$	(385,609)

Net claims and claim expenses incurred - current accident year	$	2,121,740		$	1,272,088		$	3,393,828
Net claims and claim expenses incurred - prior accident years	(202,080)			(6,631)			(208,711)
Net claims and claim expenses incurred - total	$	1,919,660		$	1,265,457		$	3,185,117

Net claims and claim expense ratio - current accident year	107.1		%	68.0		%	88.1		%
Net claims and claim expense ratio - prior accident years	(10.2)		%	(0.4)		%	(5.4)		%
Net claims and claim expense ratio - calendar year	96.9		%	67.6		%	82.7		%
Underwriting expense ratio	23.7		%	31.2		%	27.3		%
Combined ratio	120.6		%	98.8		%	110.0		%

	Nine months ended September 30, 2020
	Property			Casualty and Specialty			Total
Gross premiums written	$	2,690,827		$	2,179,824		$	4,870,651
Net premiums written	$	1,757,427		$	1,592,595		$	3,350,022
Net premiums earned	$	1,429,074		$	1,494,303		$	2,923,377
Net claims and claim expenses incurred	899,729			1,123,527			2,023,256
Acquisition expenses	278,668			380,726			659,394
Operational expenses	109,388			56,195			165,583
Underwriting income (loss)	$	141,289		$	(66,145)		$	75,144

Net claims and claim expenses incurred - current accident year	$	931,285		$	1,147,354		$	2,078,639
Net claims and claim expenses incurred - prior accident years	(31,556)			(23,827)			(55,383)
Net claims and claim expenses incurred - total	$	899,729		$	1,123,527		$	2,023,256

Net claims and claim expense ratio - current accident year	65.2		%	76.8		%	71.1		%
Net claims and claim expense ratio - prior accident years	(2.2)		%	(1.6)		%	(1.9)		%
Net claims and claim expense ratio - calendar year	63.0		%	75.2		%	69.2		%
Underwriting expense ratio	27.1		%	29.2		%	28.2		%
Combined ratio	90.1		%	104.4		%	97.4		%


			5



Underwriting and Reserves
Segment Underwriting Results

	Three months ended
Property Segment	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Gross premiums written	$	773,692		$	1,183,556		$	1,616,819		$	308,315		$	427,765
Net premiums written	$	681,095		$	803,335		$	1,008,460		$	279,773		$	378,708
Net premiums earned	$	816,376		$	560,397		$	605,166		$	507,141		$	516,623
Net claims and claim expenses incurred	1,323,678			97,150			498,832			536,218			590,978
Acquisition expenses	134,179			109,238			112,754			75,032			98,545
Operational expenses	40,448			38,887			35,375			26,160			33,725
Underwriting (loss) income	$	(681,929)		$	315,122		$	(41,795)		$	(130,269)		$	(206,625)

Net claims and claim expenses incurred - current accident year	$	1,469,613		$	148,133		$	503,994		$	661,711		$	629,827
Net claims and claim expenses incurred - prior accident years	(145,935)			(50,983)			(5,162)			(125,493)			(38,849)
Net claims and claim expenses incurred - total	$	1,323,678		$	97,150		$	498,832		$	536,218		$	590,978

Net claims and claim expense ratio - current accident year	180.0		%	26.4		%	83.3		%	130.4		%	121.9		%
Net claims and claim expense ratio - prior accident years	(17.9)		%	(9.1)		%	(0.9)		%	(24.7)		%	(7.5)		%
Net claims and claim expense ratio - calendar year	162.1		%	17.3		%	82.4		%	105.7		%	114.4		%
Underwriting expense ratio	21.4		%	26.5		%	24.5		%	20.0		%	25.6		%
Combined ratio	183.5		%	43.8		%	106.9		%	125.7		%	140.0		%

	Three months ended
Casualty and Specialty Segment	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Gross premiums written	$	1,000,488		$	910,602		$	1,035,623		$	627,199		$	715,293
Net premiums written	$	805,345		$	708,957		$	815,623		$	466,538		$	520,703
Net premiums earned	$	689,889		$	632,393		$	548,670		$	521,944		$	483,560
Net claims and claim expenses incurred	474,367			422,871			368,219			365,135			351,052
Acquisition expenses	193,869			176,352			154,480			163,251			116,636
Operational expenses	18,549			19,316			19,936			14,945			15,319
Underwriting income (loss)	$	3,104		$	13,854		$	6,035		$	(21,387)		$	553

Net claims and claim expenses incurred - current accident year	$	476,082		$	423,917		$	372,089		$	368,071		$	366,080
Net claims and claim expenses incurred - prior accident years	(1,715)			(1,046)			(3,870)			(2,936)			(15,028)
Net claims and claim expenses incurred - total	$	474,367		$	422,871		$	368,219		$	365,135		$	351,052

Net claims and claim expense ratio - current accident year	69.0		%	67.0		%	67.8		%	70.5		%	75.7		%
Net claims and claim expense ratio - prior accident years	(0.2)		%	(0.1)		%	(0.7)		%	(0.5)		%	(3.1)		%
Net claims and claim expense ratio - calendar year	68.8		%	66.9		%	67.1		%	70.0		%	72.6		%
Underwriting expense ratio	30.8		%	30.9		%	31.8		%	34.1		%	27.3		%
Combined ratio	99.6		%	97.8		%	98.9		%	104.1		%	99.9		%


			6



Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results

	Three months ended September 30, 2021									Three months ended September 30, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	335,493		$	438,199		$	773,692		$	179,689		$	248,076		$	427,765
Net premiums written	$	254,032		$	427,063		$	681,095		$	146,377		$	232,331		$	378,708
Net premiums earned	$	446,508		$	369,868		$	816,376		$	302,946		$	213,677		$	516,623
Net claims and claim expenses incurred	927,399			396,279			1,323,678			416,018			174,960			590,978
Acquisition expenses	28,114			106,065			134,179			37,481			61,064			98,545
Operational expenses	33,200			7,248			40,448			28,530			5,195			33,725
Underwriting loss	$	(542,205)		$	(139,724)		$	(681,929)		$	(179,083)		$	(27,542)		$	(206,625)

Net claims and claim expenses incurred - current accident year	$	1,053,963		$	415,650		$	1,469,613		$	449,113		$	180,714		$	629,827
Net claims and claim expenses incurred - prior accident years	(126,564)			(19,371)			(145,935)			(33,095)			(5,754)			(38,849)
Net claims and claim expenses incurred - total	$	927,399		$	396,279		$	1,323,678		$	416,018		$	174,960		$	590,978

Net claims and claim expense ratio - current accident year	236.0		%	112.4		%	180.0		%	148.3		%	84.5		%	121.9		%
Net claims and claim expense ratio - prior accident years	(28.3)		%	(5.3)		%	(17.9)		%	(11.0)		%	(2.6)		%	(7.5)		%
Net claims and claim expense ratio - calendar year	207.7		%	107.1		%	162.1		%	137.3		%	81.9		%	114.4		%
Underwriting expense ratio	13.7		%	30.7		%	21.4		%	21.8		%	31.0		%	25.6		%
Combined ratio	221.4		%	137.8		%	183.5		%	159.1		%	112.9		%	140.0		%

	Nine months ended September 30, 2021									Nine months ended September 30, 2020
	Catastrophe			Other Property			Total			Catastrophe			Other Property			Total
Gross premiums written	$	2,227,941		$	1,346,126		$	3,574,067		$	1,827,665		$	863,162		$	2,690,827
Net premiums written	$	1,317,424		$	1,175,466		$	2,492,890		$	1,015,184		$	742,243		$	1,757,427
Net premiums earned	$	1,059,797		$	922,142		$	1,981,939		$	769,119		$	659,955		$	1,429,074
Net claims and claim expenses incurred	1,227,342			692,318			1,919,660			436,284			463,445			899,729
Acquisition expenses	101,595			254,576			356,171			97,915			180,753			278,668
Operational expenses	92,176			22,534			114,710			89,728			19,660			109,388
Underwriting (loss) income	$	(361,316)		$	(47,286)		$	(408,602)		$	145,192		$	(3,903)		$	141,289

Net claims and claim expenses incurred - current accident year	$	1,409,011		$	712,729		$	2,121,740		$	510,022		$	421,263		$	931,285
Net claims and claim expenses incurred - prior accident years	(181,669)			(20,411)			(202,080)			(73,738)			42,182			(31,556)
Net claims and claim expenses incurred - total	$	1,227,342		$	692,318		$	1,919,660		$	436,284		$	463,445		$	899,729

Net claims and claim expense ratio - current accident year	133.0		%	77.3		%	107.1		%	66.3		%	63.8		%	65.2		%
Net claims and claim expense ratio - prior accident years	(17.2)		%	(2.2)		%	(10.2)		%	(9.6)		%	6.4		%	(2.2)		%
Net claims and claim expense ratio - calendar year	115.8		%	75.1		%	96.9		%	56.7		%	70.2		%	63.0		%
Underwriting expense ratio	18.3		%	30.0		%	23.7		%	24.4		%	30.4		%	27.1		%
Combined ratio	134.1		%	105.1		%	120.6		%	81.1		%	100.6		%	90.1		%


			7



Underwriting and Reserves
Gross Premiums Written

	Three months ended										Nine months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		September 30, 2021		September 30, 2020
Property Segment
Catastrophe	$	335,493	$	761,323	$	1,131,125	$	59,120	$	179,689	$	2,227,941	$	1,827,665
Other property	438,199		422,233		485,694		249,195		248,076		1,346,126		863,162
Property segment gross premiums written	$	773,692	$	1,183,556	$	1,616,819	$	308,315	$	427,765	$	3,574,067	$	2,690,827

Casualty and Specialty Segment
General casualty (1)	$	346,754	$	286,686	$	343,170	$	190,996	$	260,265	$	976,610	$	713,598
Professional liability (2)	329,848		306,387		314,372		207,437		175,459		950,607		628,683
Financial lines (3)	128,586		86,175		144,386		122,023		143,455		359,147		392,169
Other (4)	195,300		231,354		233,695		106,743		136,114		660,349		445,374
Casualty and Specialty segment gross premiums written	$	1,000,488	$	910,602	$	1,035,623	$	627,199	$	715,293	$	2,946,713	$	2,179,824


(1)			Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)			Includes directors and officers, medical malpractice, and professional indemnity.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)			Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.


			8



Underwriting and Reserves
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
September 30, 2021
Property	$	1,265,040	$	1,319,022	$	4,005,279	$	6,589,341
Casualty and Specialty	1,768,649		151,263		4,723,991		6,643,903

Total	$	3,033,689	$	1,470,285	$	8,729,270	$	13,233,244

June 30, 2021
Property	$	1,383,754	$	1,513,549	$	1,773,492	$	4,670,795
Casualty and Specialty	1,727,051		133,041		4,413,855		6,273,947

Total	$	3,110,805	$	1,646,590	$	6,187,347	$	10,944,742

March 31, 2021
Property	$	1,292,683	$	1,333,734	$	2,145,953	$	4,772,370
Casualty and Specialty	1,801,362		147,822		4,231,829		6,181,013

Total	$	3,094,045	$	1,481,556	$	6,377,782	$	10,953,383

December 31, 2020
Property	$	1,127,909	$	1,617,003	$	1,627,541	$	4,372,453
Casualty and Specialty	1,651,150		133,843		4,223,692		6,008,685

Total	$	2,779,059	$	1,750,846	$	5,851,233	$	10,381,138

September 30, 2020
Property	$	1,037,858	$	1,752,260	$	1,238,478	$	4,028,596
Casualty and Specialty	1,625,554		123,001		4,123,464		5,872,019

Total	$	2,663,412	$	1,875,261	$	5,361,942	$	9,900,615


			9



Underwriting and Reserves
Paid to Incurred Analysis

	Three months ended September 30, 2021						Three months ended September 30, 2020
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	10,944,742	$	3,187,638	$	7,757,104	$	9,365,469	$	2,774,358	$	6,591,111
Incurred claims and claim expenses
Current year	3,342,005		1,396,310		1,945,695		1,301,183		305,276		995,907
Prior years	(278,179)		(130,529)		(147,650)		(109,051)		(55,174)		(53,877)
Total incurred claims and claim expenses	3,063,826		1,265,781		1,798,045		1,192,132		250,102		942,030
Paid claims and claim expenses
Current year	220,568		35,451		185,117		140,093		10,505		129,588
Prior years	515,272		228,203		287,069		397,448		112,350		285,098
Total paid claims and claim expenses	735,840		263,654		472,186		537,541		122,855		414,686

Foreign exchange (1)	(39,484)		2,993		(42,477)		39,381		(14,149)		53,530
Amounts disposed (2)	—		—		—		(158,826)		(3,648)		(155,178)

Reserve for claims and claim expenses, end of period	$	13,233,244	$	4,192,758	$	9,040,486	$	9,900,615	$	2,883,808	$	7,016,807

	Nine months ended September 30, 2021						Nine months ended September 30, 2020
	Gross		Recoveries		Net		Gross		Recoveries		Net
Reserve for claims and claim expenses, beginning of period	$	10,381,138	$	2,926,010	$	7,455,128	$	9,384,349	$	2,791,297	$	6,593,052
Incurred claims and claim expenses
Current year	5,261,594		1,867,766		3,393,828		2,742,093		663,454		2,078,639
Prior years	(281,416)		(72,705)		(208,711)		(155,020)		(99,637)		(55,383)
Total incurred claims and claim expenses	4,980,178		1,795,061		3,185,117		2,587,073		563,817		2,023,256
Paid claims and claim expenses
Current year	293,541		43,146		250,395		206,585		15,372		191,213
Prior years	1,764,951		482,056		1,282,895		1,734,473		441,459		1,293,014
Total paid claims and claim expenses	2,058,492		525,202		1,533,290		1,941,058		456,831		1,484,227
Foreign exchange (1)	(69,580)		(3,111)		(66,469)		29,077		(10,827)		39,904
Amounts disposed (2)	—		—		—		(158,826)		(3,648)		(155,178)




Reserve for claims and claim expenses, end of period	$	13,233,244	$	4,192,758	$	9,040,486	$	9,900,615	$	2,883,808	$	7,016,807

(1) Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.

(2) Represents the fair value of RenaissanceRe UK's reserve for claims and claim expenses, net of reinsurance recoverables, disposed of on August 18, 2020.


			10

Managed Joint Ventures and Fee Income

Fee Income

The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.


	Three months ended												Twelve months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		March 31, 2020		2020		2019
Management fee income
Joint ventures	$	8,602	$	14,741	$	11,128	$	8,458	$	13,070	$	11,781	$	45,499	$	42,546
Structured reinsurance products and other	8,646		8,677		8,774		8,830		8,785		8,597		34,951		35,238
Managed funds	6,606		8,552		8,622		9,490		8,610		6,418		31,026		18,636
Total management fee income	23,854		31,970		28,524		26,778		30,465		26,796		111,476		96,420

Performance fee income (loss)
Joint ventures	2,980		7,347		1,556		(1,984)		(1,842)		7,828		10,167		9,660
Structured reinsurance products and other	1,237		2,581		(1,293)		1,570		(10,414)		8,375		7,525		7,693
Managed funds	264		4,259		(4,798)		9,542		175		2,363		15,994		420
Total performance fee income (loss) (1)	4,481		14,187		(4,535)		9,128		(12,081)		18,566		33,686		17,773

Total fee income	$	28,335	$	46,157	$	23,989	$	35,906	$	18,384	$	45,362	$	145,162	$	114,193

(1) Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company's consolidated results of operations.



	Three months ended												Twelve months ended
Fee income contributing to:	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		March 31, 2020		2020		2019
Underwriting income (loss) (1)	19,444		19,239		10,530		36,100		13,372		19,894		87,764		60,046
Earnings from equity method investments (2)	17		17		16		(4)		11		24		70		105
Redeemable noncontrolling interest (3)	8,874		26,901		13,443		(190)		5,001		25,592		57,328		54,042
Total fee income	$	28,335	$	46,157	$	23,989	$	35,906	$	18,384	$	45,510	$	145,162	$	114,193

(1) The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.

(2) The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.

(3) The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company's Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company's Consolidated Managed Joint Ventures.


			11

Managed Joint Ventures and Fee Income

Noncontrolling Interests

The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Managed Joint Ventures"), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.

A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:


	Three months ended										Nine months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		September 30, 2021		September 30, 2020
Redeemable noncontrolling interest - DaVinciRe	$	202,362	$	(84,266)	$	39,934	$	32,993	$	26,616	$	158,030	$	(146,664)
Redeemable noncontrolling interest - Medici	(6,526)		(11,989)		13,443		(13,534)		(33,963)		(5,072)		(42,436)
Redeemable noncontrolling interest - Vermeer	2,659		(17,289)		(6,527)		(13,992)		(11,954)		(21,157)		(47,020)
Net loss (income) attributable to redeemable noncontrolling interests (1)	$	198,495	$	(113,544)	$	46,850	$	5,467	$	(19,301)	$	131,801	$	(236,120)

(1) A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:


	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Redeemable noncontrolling interest - DaVinciRe	$	1,443,589	$	1,642,656	$	1,555,714	$	1,560,693	$	1,594,683
Redeemable noncontrolling interest - Medici	883,925		880,320		737,702		717,999		696,999
Redeemable noncontrolling interest - Vermeer	1,130,784		1,133,443		1,116,154		1,109,627		1,095,635
Redeemable noncontrolling interests	$	3,458,298	$	3,656,419	$	3,409,570	$	3,388,319	$	3,387,317

A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:


	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
DaVinciRe	71.3	%	71.3	%	71.3	%	78.6	%	78.6	%
Medici	86.6	%	86.6	%	84.6	%	84.3	%	88.5	%
Vermeer	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%


			12


Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

	Three months ended															Nine months ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			September 30, 2021			September 30, 2020
Revenues
Gross premiums written	$	168,770		$	243,627		$	342,033		$	21,996		$	77,866		$	754,430		$	555,812
Net premiums written	$	159,697		$	205,907		$	315,476		$	22,266		$	78,025		$	681,080		$	496,782
Decrease (increase) in unearned premiums	79,853			(69,833)			(154,894)			120,081			62,486			(144,874)			(131,619)
Net premiums earned	239,550			136,074			160,582			142,347			140,511			536,206			365,163
Net investment income	6,549			7,118			8,261			8,848			9,339			21,928			35,983
Net foreign exchange (losses) gains	(818)			597			(590)			149			(511)			(811)			(1,683)

Net realized and unrealized (losses) gains on investments	(2,670)			4,389			(26,798)			3,436			5,439			(25,079)			58,642
Total revenues	242,611			148,178			141,455			154,780			154,778			532,244			458,105
Expenses
Net claims and claim expenses incurred	501,695			(19,754)			167,543			184,787			171,271			649,484			167,374
Acquisition expenses	14,490			31,593			16,317			3,138			2,384			62,400			61,704
Operational and corporate expenses	8,190			16,377			11,706			6,955			13,123			36,273			36,874
Interest expense	1,859			1,858			1,858			1,859			1,859			5,575			5,576
Total expenses	526,234			30,074			197,424			196,739			188,637			753,732			271,528
(Loss) income before taxes	(283,623)			118,104			(55,969)			(41,959)			(33,859)			(221,488)			186,577
Income tax expense	—			(1)			—			(12)			—			(1)			—


Net (loss) income (attributable) available to DaVinciRe common shareholders	$	(283,623)		$	118,103		$	(55,969)		$	(41,971)		$	(33,859)		$	(221,489)		$	186,577

Net claims and claim expenses incurred - current accident year	$	561,674		$	8,270		$	181,716		$	209,903		$	196,188		$	751,660		$	215,883
Net claims and claim expenses incurred - prior accident years	(59,979)			(28,024)			(14,173)			(25,116)			(24,917)			(102,176)			(48,509)
Net claims and claim expenses incurred - total	$	501,695		$	(19,754)		$	167,543		$	184,787		$	171,271		$	649,484		$	167,374

Net claims and claim expense ratio - current accident year	234.5		%	6.1		%	113.2		%	147.5		%	139.6		%	140.2		%	59.1		%
Net claims and claim expense ratio - prior accident years	(25.1)		%	(20.6)		%	(8.9)		%	(17.7)		%	(17.7)		%	(19.1)		%	(13.3)		%
Net claims and claim expense ratio - calendar year	209.4		%	(14.5)		%	104.3		%	129.8		%	121.9		%	121.1		%	45.8		%
Underwriting expense ratio	9.5		%	35.2		%	17.5		%	7.1		%	11.0		%	18.4		%	27.0		%
Combined ratio	218.9		%	20.7		%	121.8		%	136.9		%	132.9		%	139.5		%	72.8		%


			13


RenaissanceRe Holdings Ltd.
Investments
Total Investment Result

	Three months ended															Nine months ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			September 30, 2021			September 30, 2020
Fixed maturity investments trading	$	56,825		$	59,510		$	62,933		$	66,912		$	68,022		$	179,268		$	211,303
Short term investments	514			782			573			1,047			1,611			1,869			19,752
Equity investments trading	1,823			1,626			1,491			1,628			1,559			4,940			4,776
Other investments
Catastrophe bonds	17,184			16,681			14,468			13,500			13,626			48,333			41,284
Other	7,571			9,339			3,801			4,083			2,598			20,711			5,334
Cash and cash equivalents	(38)			159			102			192			441			223			2,782
	83,879			88,097			83,368			87,362			87,857			255,344			285,231
Investment expenses	(5,612)			(7,172)			(3,564)			(5,645)			(4,314)			(16,348)			(12,910)
Net investment income	78,267			80,925			79,804			81,717			83,543			238,996			272,321






Net realized and unrealized (losses) gains on:
Fixed maturity investments trading, net of investments-related derivatives (1)	(31,424)			87,847			(261,759)			90,132			78,348			(205,336)			502,280




Equity investments trading, net of investments-related derivatives (1)	(21,680)			65,566			(67,922)			154,306			119,622			(24,036)			81,246
Other investments
Catastrophe bonds	(5,994)			2			(19,083)			(9,742)			12,611			(25,075)			2,711
Other	17,027			37,603			3,201			24,049			13,627			57,831			(24,346)
Net realized and unrealized (losses) gains on investments	(42,071)			191,018			(345,563)			258,745			224,208			(196,616)			561,891




Total investment result	$	36,196		$	271,943		$	(265,759)		$	340,462		$	307,751		$	42,380		$	834,212

Total investment return - annualized	0.7		%	5.2		%	(4.9)		%	6.6		%	6.2		%	0.3		%	5.8		%

(1) Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.


			14



Investments
Investment Portfolio - Composition

Type of Investment	September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020
U.S. treasuries	$	6,730,967	32.3	%	$	6,327,895	31.5	%	$	5,107,878	25.1	%	$	4,960,409	24.1	%	$	4,350,971	21.4	%
Agencies	297,057		1.4	%	325,051		1.6	%	227,184		1.1	%	368,032		1.8	%	437,681		2.1	%

Non-U.S. government	495,243		2.4	%	508,320		2.5	%	518,162		2.5	%	491,531		2.4	%	568,960		2.8	%

Non-U.S. government-backed corporate	409,322		2.0	%	396,966		2.0	%	335,662		1.6	%	338,014		1.6	%	401,449		2.0	%
Corporate	3,346,556		16.0	%	3,387,433		16.9	%	4,289,072		21.1	%	4,261,025		20.7	%	4,655,765		22.9	%
Agency mortgage-backed	754,118		3.6	%	703,757		3.5	%	957,563		4.7	%	1,113,792		5.4	%	1,086,474		5.3	%
Non-agency mortgage-backed	243,654		1.2	%	260,432		1.3	%	272,529		1.3	%	291,444		1.4	%	293,953		1.4	%
Commercial mortgage-backed	621,153		3.0	%	588,262		2.9	%	713,044		3.5	%	791,272		3.8	%	788,995		3.9	%
Asset-backed	941,178		4.5	%	920,273		4.6	%	888,140		4.4	%	890,984		4.3	%	807,070		4.0	%
Total fixed maturity investments, at fair value	13,839,248		66.4	%	13,418,389		66.8	%	13,309,234		65.3	%	13,506,503		65.5	%	13,391,318		65.8	%
Short term investments, at fair value	4,667,273		22.4	%	4,392,652		21.9	%	5,091,143		25.0	%	4,993,735		24.3	%	5,158,961		25.4	%
Total consolidated fixed maturity and short term investments, at fair value	18,506,521		88.8	%	17,811,041		88.7	%	18,400,377		90.3	%	18,500,238		89.8	%	18,550,279		91.2	%
Equity investments trading, at fair value	527,839		2.5	%	577,090		2.9	%	503,137		2.5	%	702,617		3.4	%	547,381		2.7	%
Other investments, at fair value	1,738,737		8.4	%	1,585,036		8.0	%	1,379,056		6.8	%	1,256,948		6.2	%	1,122,683		5.5	%
Total managed investment portfolio	20,773,097		99.7	%	19,973,167		99.6	%	20,282,570		99.6	%	20,459,803		99.4	%	20,220,343		99.4	%
Investments in other ventures, under equity method	93,344		0.3	%	91,938		0.4	%	91,362		0.4	%	98,373		0.6	%	98,990		0.6	%
Total investments	$	20,866,441	100.0	%	$	20,065,105	100.0	%	$	20,373,932	100.0	%	$	20,558,176	100.0	%	$	20,319,333	100.0	%


			15


Investments
Investment Portfolio - Fixed Maturity Investments

Credit Quality of Fixed Maturity Investments	September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020
AAA	$	1,825,727	13.2	%	$	1,793,720	13.4	%	$	1,859,370	14.0	%	$	1,915,147	14.2	%	$	1,972,894	14.7	%
AA	8,449,810		61.0	%	7,982,119		59.5	%	7,022,443		52.8	%	7,210,622		53.4	%	6,721,098		50.2	%
A	1,063,127		7.7	%	1,060,647		7.9	%	1,504,569		11.3	%	1,485,463		11.0	%	1,777,861		13.3	%
BBB	1,133,307		8.2	%	1,171,756		8.7	%	1,509,280		11.3	%	1,538,681		11.4	%	1,648,049		12.3	%
Non-investment grade and not rated	1,367,277		9.9	%	1,410,147		10.5	%	1,413,572		10.6	%	1,356,590		10.0	%	1,271,416		9.5	%
Total fixed maturity investments, at fair value	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%

Maturity Profile of Fixed Maturity Investments
Due in less than one year	$	388,647	2.8	%	$	365,154	2.7	%	$	572,443	4.3	%	$	637,418	4.7	%	$	621,610	4.6	%
Due after one through five years	6,540,886		47.3	%	6,191,724		46.1	%	5,569,638		41.9	%	5,391,122		39.9	%	5,749,128		43.0	%
Due after five through ten years	4,003,465		28.9	%	4,060,205		30.3	%	3,786,423		28.4	%	3,806,564		28.2	%	3,374,898		25.2	%
Due after ten years	346,146		2.5	%	328,582		2.4	%	549,453		4.1	%	583,908		4.3	%	669,190		5.0	%
Mortgage-backed securities	1,618,926		11.7	%	1,552,451		11.6	%	1,943,137		14.6	%	2,196,507		16.3	%	2,169,422		16.2	%
Asset-backed securities	941,178		6.8	%	920,273		6.9	%	888,140		6.7	%	890,984		6.6	%	807,070		6.0	%
Total fixed maturity investments, at fair value	$	13,839,248	100.0	%	$	13,418,389	100.0	%	$	13,309,234	100.0	%	$	13,506,503	100.0	%	$	13,391,318	100.0	%


			16



Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

						Credit Rating (1)
September 30, 2021	Amortized Cost		Fair Value			Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	4,667,273	$	4,667,273		—	%	$	4,633,010		$	22,466		$	10,187		$	126		$	982		$	502
			100.0		%			99.3		%	0.5		%	0.2		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,747,505		6,730,967			0.8	%	—			6,730,967			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	4,505		4,448			0.9	%	—			4,448			—			—			—			—
Other agencies	293,207		292,609			1.0	%	56,457			236,152			—			—			—			—
Total agencies	297,712		297,057			1.0	%	56,457			240,600			—			—			—			—

Non-U.S. government	495,511		495,243			0.9	%	301,919			161,306			14,768			15,929			1,321			—

Non-U.S. government-backed corporate	409,225		409,322			1.2	%	174,855			205,620			14,878			5,163			8,806			—
Corporate	3,293,126		3,346,556			2.5	%	38,536			112,002			997,291			1,051,412			1,113,510			33,805
Mortgage-backed
Residential mortgage-backed
Agency securities	753,063		754,118			1.8	%	—			754,118			—			—			—			—
Non-agency securities	239,999		243,654			2.9	%	49,218			14,088			1,943			6,320			119,314			52,771


Total residential mortgage-backed	993,062		997,772			2.0	%	49,218			768,206			1,943			6,320			119,314			52,771
Commercial mortgage-backed	610,098		621,153			1.6	%	462,978			119,414			5,731			18,351			2,548			12,131
Total mortgage-backed	1,603,160		1,618,925			1.9	%	512,196			887,620			7,674			24,671			121,862			64,902
Asset-backed
Collateralized loan obligations	837,744		838,694			1.6	%	650,780			110,164			22,255			35,504			14,814			5,177



Other	101,890		102,484			0.9	%	90,984			1,531			6,261			628			1,770			1,310
Total asset-backed	939,634		941,178			1.6	%	741,764			111,695			28,516			36,132			16,584			6,487
Total securitized assets	2,542,794		2,560,103			1.8	%	1,253,960			999,315			36,190			60,803			138,446			71,389
Total fixed maturity investments	13,785,873		13,839,248			1.4	%	1,825,727			8,449,810			1,063,127			1,133,307			1,262,083			105,194
			100.0		%			13.2		%	61.0		%	7.7		%	8.2		%	9.1		%	0.8		%
Total consolidated fixed maturity and short term investments, at fair value	$	18,453,146	$	18,506,521		1.1	%	$	6,458,737		$	8,472,276		$	1,073,314		$	1,133,433		$	1,263,065		$	105,696
			100.0		%			34.9		%	45.8		%	5.8		%	6.1		%	6.8		%	0.6		%

(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.


			17



Investments
Retained Investment Information

“Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.


	Three months ended										Nine months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		September 30, 2021		September 30, 2020
Total investment result
Net investment income	$	78,267	$	80,925	$	79,804	$	81,717	$	83,543	$	238,996	$	272,321
Net realized and unrealized (losses) gains on investments	(42,071)		191,018		(345,563)		258,745		224,208		(196,616)		561,891
Total investment result	$	36,196	$	271,943	$	(265,759)	$	340,462	$	307,751	$	42,380	$	834,212

Retained total investment result (1)
Retained net investment income	$	60,105	$	62,982	$	62,598	$	64,250	$	64,971	$	185,685	$	204,763
Retained net realized and unrealized (losses) gains on investments	(37,975)		187,391		(318,688)		258,293		201,699		(169,272)		506,484
Retained total investment result	$	22,130	$	250,373	$	(256,090)	$	322,543	$	266,670	$	16,413	$	711,247

(1) Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

“Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.


	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value	$	18,506,521		$	17,811,041		$	18,400,377		$	18,500,238		$	18,550,279
Weighted average yield to maturity of fixed maturity and short term investments	1.1		%	1.0		%	1.2		%	0.9		%	1.0		%
Average duration of fixed maturities and short term investments, in years	3.0			3.0			2.9			2.9			2.9
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value	$	13,032,675		$	12,569,024		$	12,736,000		$	13,219,754		$	13,046,376
Weighted average yield to maturity of retained fixed maturity and short term investments	1.3		%	1.3		%	1.5		%	1.2		%	1.3		%
Average duration of retained fixed maturities and short term investments, in years	3.7			3.8			3.7			3.6			3.7

(1) Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.

(2) Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.


			18



Other Items
Earnings per Share

	Three months ended
(common shares in thousands)	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(450,222)	$	456,818	$	(290,934)	$	189,812	$	47,799
Amount allocated to participating common shareholders (1)	(229)		(5,809)		(129)		(2,285)		(582)
Net (loss) income allocated to RenaissanceRe common shareholders	$	(450,451)	$	451,009	$	(291,063)	$	187,527	$	47,217
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	46,223		48,163		49,579		50,022		50,009
Per common share equivalents of non-vested shares	—		63		—		89		85
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	46,223		48,226		49,579		50,111		50,094
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(9.75)	$	9.36	$	(5.87)	$	3.75	$	0.94
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(9.75)	$	9.35	$	(5.87)	$	3.74	$	0.94

	Nine months ended
(common shares in thousands)	September 30, 2021		September 30, 2020
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(284,338)	$	541,670
Amount allocated to participating common shareholders (1)	(485)		(6,677)
Net (loss) income allocated to RenaissanceRe common shareholders	$	(284,823)	$	534,993
Denominator:
Denominator for basic (loss) income per RenaissanceRe common share -
Weighted average common shares	47,988		46,130
Per common share equivalents of non-vested shares	—		70
Denominator for diluted (loss) income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	47,988		46,200
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic	$	(5.94)	$	11.60
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(5.94)	$	11.58

(1) Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.


			19



Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company's management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized

The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net (loss) income (attributable) available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net (loss) income (attributable) available to RenaissanceRe common shareholders to "operating (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized." Comparative information for all prior periods has been updated to conform to the current methodology and presentation.


			20



Comments on Regulation G


	Three months ended															Nine months ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			September 30, 2021			September 30, 2020
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(450,222)		$	456,818		$	(290,934)		$	189,812		$	47,799		$	(284,338)		$	541,670
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	36,077			(191,016)			326,480			(268,487)			(211,597)			171,541			(559,180)
Adjustment for net foreign exchange losses (gains)	4,755			(3,234)			22,788			(23,270)			(17,426)			24,309			(4,503)
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			—			135			7,346			33,916			135			40,618
Adjustment for income tax expense (benefit) (2)	286			11,786			(19,965)			7,723			5,058			(7,893)			22,140
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(5,434)			3,696			(34,109)			9,754			10,526			(35,847)			51,017
Operating (loss) income (attributable) available to RenaissanceRe common shareholders	$	(414,538)		$	278,050		$	4,395		$	(77,122)		$	(131,724)		$	(132,093)		$	91,762

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(9.75)		$	9.35		$	(5.87)		$	3.74		$	0.94		$	(5.94)		$	11.58
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	0.78			(3.96)			6.59			(5.36)			(4.22)			3.57			(12.10)
Adjustment for net foreign exchange losses (gains)	0.10			(0.07)			0.46			(0.46)			(0.35)			0.51			(0.10)
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—			—			—			0.15			0.68			—			0.88
Adjustment for income tax expense (benefit) (2)	0.01			0.24			(0.40)			0.15			0.10			(0.16)			0.48
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(0.12)			0.08			(0.69)			0.19			0.21			(0.75)			1.10
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted	$	(8.98)		$	5.64		$	0.09		$	(1.59)		$	(2.64)		$	(2.77)		$	1.84

Return on average common equity - annualized	(28.4)		%	27.6		%	(17.1)		%	10.9		%	2.8		%	(5.8)		%	12.0		%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds	2.3		%	(11.5)		%	19.2		%	(15.4)		%	(12.4)		%	3.5		%	(12.4)		%
Adjustment for net foreign exchange losses (gains)	0.3		%	(0.2)		%	1.4		%	(1.3)		%	(1.0)		%	0.5		%	(0.1)		%
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)	—		%	—		%	—		%	0.4		%	2.0		%	—		%	0.9		%
Adjustment for income tax expense (benefit) (2)	—		%	0.7		%	(1.2)		%	0.4		%	0.3		%	(0.2)		%	0.5		%
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3)	(0.3)		%	0.2		%	(2.0)		%	0.6		%	0.6		%	(0.7)		%	1.1		%
Operating return on average common equity - annualized	(26.1)		%	16.8		%	0.3		%	(4.4)		%	(7.7)		%	(2.7)		%	2.0		%

(1) Included in the three months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.

(2) Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.

(3) Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.


			21



Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends

The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to "tangible book value per common share'" and "tangible book value per common share plus accumulated dividends."


	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020
Book value per common share	$	128.91		$	139.35		$	131.15		$	138.46		$	135.13
Adjustment for goodwill and other intangibles (1)	(5.67)			(5.60)			(5.42)			(5.37)			(5.53)
Tangible book value per common share	123.24			133.75			125.73			133.09			129.60
Adjustment for accumulated dividends	23.16			22.80			22.44			22.08			21.73
Tangible book value per common share plus accumulated dividends	$	146.40		$	156.55		$	148.17		$	155.17		$	151.33

Quarterly change in book value per common share	(7.5)		%	6.3		%	(5.3)		%	2.5		%	0.6		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	(7.6)		%	6.7		%	(5.3)		%	3.0		%	1.0		%
Year to date change in book value per common share	(6.9)		%	0.6		%	(5.3)		%	14.9		%	12.1		%
Year to date change in tangible book value per common share plus change in accumulated dividends	(6.6)		%	1.0		%	(5.3)		%	17.9		%	14.6		%

(1) At September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 30, 2020, goodwill and other intangibles included $19.0 million, $22.4 million, $22.7 million, $23.0 million, and $23.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.


			22



Comments on Regulation G

Retained Total Investment Result

The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net (loss) income (attributable) available to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”


	Three months ended										Nine months ended
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020		September 30, 2021		September 30, 2020
Net investment income	$	78,267	$	80,925	$	79,804	$	81,717	$	83,543	$	238,996	$	272,321
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(18,162)		(17,943)		(17,206)		(17,467)		(18,572)		(53,311)		(67,558)
Retained net investment income	60,105		62,982		62,598		64,250		64,971		185,685		204,763

Net realized and unrealized (losses) gains on investments	(42,071)		191,018		(345,563)		258,745		224,208		(196,616)		561,891
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	4,096		(3,627)		26,875		(452)		(22,509)		27,344		(55,407)
Retained net realized and unrealized (losses) gains on investments	(37,975)		187,391		(318,688)		258,293		201,699		(169,272)		506,484

Total investment result	36,196		271,943		(265,759)		340,462		307,751		42,380		834,212
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(14,066)		(21,570)		9,669		(17,919)		(41,081)		(25,967)		(122,965)
Retained total investment result	$	22,130	$	250,373	$	(256,090)	$	322,543	$	266,670	$	16,413	$	711,247


			23



Comments on Regulation G

Retained Fixed Maturity and Short Term Investments, at Fair Value

The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net (loss) income (attributable) available to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value.”


	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Fixed maturity investments, at fair value	$	13,839,248	$	13,418,389	$	13,309,234	$	13,506,503	$	13,391,318
Short term investments, at fair value	4,667,273		4,392,652		5,091,143		4,993,735		5,158,961
Total consolidated fixed maturity and short term investments, at fair value	$	18,506,521	$	17,811,041	$	18,400,377	$	18,500,238	$	18,550,279
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures	(5,473,846)		(5,242,017)		(5,664,377)		(5,280,484)		(5,503,903)
Retained fixed maturity and short term investments, at fair value	$	13,032,675	$	12,569,024	$	12,736,000	$	13,219,754	$	13,046,376


			24

Form: 8-K

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